At 10. 01 per barrel. It did manage to scratch back about 126 of yesterdays 300 plus loss but energy has swamped the stock market over the past 48 hours, completely wiping out fridays 700 plus point gain for the Dow Jones Industrials. Right now we are looking at the dow swooning at the moment, down 562 points. Thats good for a 2. 33 loss. All three major indices are facing a second straight day in the red. Could a lifeboat arrive within just an hour or two . Word is congress is coming together as we speak to replenish the Small Business rescue plan with a fresh 310 billion round of loans. As some big banks, though, play favorites with the First Tranche of money, nontraditional lenders are fast gaining more respect. Weve got the chairman and ceo of one of them. He has already delivered 2 billion to Small Companies and is ready, willing and able to do it once again. Got to hear how hes doing it. And hollywood is on hold as the sopranos prequell sleeps with the fishes. Steph patt ernot is here on the dire state of tinsel town ahead of netflix earnings which come out after the bell. What it means for the future of film. And the brainchild behind superhot brand detroit versus everybody has a new line to help Small Businesses in his hometown. Unabashed detroit cheerleader tommy walker on the inspirational story of everybody versus covid19. Less than an hour to the closing bell on this tuesday, lets start the claman countdown. Liz all right. Breaking news, we want to take you to a live shot of the white house right now. Will it be air kisses or k. O. S . At any moment we expect to see new York Governor Andrew Cuomo arrive at the white house for a facetoface meeting with President Trump. This comes after cuomo said he will be taking a regional approach to reopening parts of his state, meaning zip code by zip code. While the two have traded barbs in the past, lately they have exchanged compliments during the crisis. We will keep our eyes peeled right there on the white house for the governors arrival and we will bring you any details the minute we are able to get them ourselves. That will be for you. Check the Dow Jones Industrials, down 552 points. We just got news from the cme which of course as you know is the Worlds Largest futures trading platform, the cme has confirmed more than two million june u. S. Contracts in west texas intermediate traded today, that is the biggest oneday figure they have ever seen on record, ever. Oil is not selling, obviously. You can see it on your screen. Again, this is the june contract, losing 41 at the moment because people are not driving, there is no demand. Car rental agencies, hertz and avis, Collateral Damage as well because hertz is actually laying off about 10,000 employees in north america. Hertz down about 8 . Youve got avis getting swamped in the tide, down about 6. 33 . I want to kind of take a far left turn here. Its kind of a weird way to do this, but look at this. This is a company that makes titleist governmelf balls, golf equipment. The company has been cut to a sell and the price target dropped on the view the company will not see a full recovery this year. Acushnet is standing at 23. 65. Big blue in the red after ibms First Quarter report came out yesterday after the bell. The company withdrew its 2020 annual forecast but it also missed on the top line number so that stock is down about 3. 5 . Lets get to this oil fallout. Its really acting as a catalyst for other commodity drops, pressing investors to sell anything they are able to sell, particularly to cover their losses. They are turning to gold once again. Gold stocks are losing quite their luster. Tracking the price of the precious metal, we have anglo gold and gold fields, everybody is down. Anglo gold down. 25 . Freeport getting hit 7 . Lets get to this situation with uso, the massive oil exchangetraded fund, the etf, which in the last 24 hours has made a pretty dramatic move to keep itself above water by au altering its original structure. Theyve got nowhere to put the extra stuff nobody wants to buy right now. Even as u. S. Secretary of Energy Dan Brouillette told Stuart Varney this morning the u. S. Is looking to bolster the u. S. Oil stockpile, Strategic Petroleum reserve, some people refer to it as the spro, to offset the flooded market, you would think that would put a floor under oil prices. It has not. Oil prices are still struggling to find a bottom and try and move up here. We do have crude oil still down about 38 to 12. 65 a barrel. Remember, yesterday it was actually negative. Brouillette says the u. S. Has contracted for approximately 43 Million Barrels that it would buy off the regular market, put into the spro and they do have the ability to store up to one billion barrels, yet even as the Energy Secretary works with congress to expand the Strategic Petroleum reserve, whats going to happen to oil stocks when Storage Facilities top out . By the way, that could be as early as next month. To the floor show. Raymond james Energy Analyst is the researcher who knows all about this stuff. We have john corpina joining us via skype. Pavel, you say the problem is not necessarily the excess supply but the storage which is what we are hearing. We can show people video of the storage area at cushing, oklahoma. Cant really see but they are almost full, are they not . Where will, aside from the Strategic Petroleum reserve, where will Oil Companies be putting the excess now . So the fundamental problem is demand, as you noted earlier. 20 , 25 of Global Oil Demand is offline because three and a half billion people are sitting at home due to the lockdown. So thats the big picture. Specifically in oklahoma, and in other parts of the world, storage tanks are getting very close to being overly full and when that happens, this is called oil on oil competition, prices can go completely haywire. We saw it yesterday with negative wti pricing. Brent, the global benchmark, is not quite as haymarket at 20 bucks a barrel but clearly inadequate Storage Capacity is going to be a problem worldwide in the coming weeks. Liz let me just make a comment about brent, which trades overseas. That is that as we look at uso, lot of our viewers have in the past had money in that exchangetraded fund, u. S. Oil company, so give me a sense of the better option there. Bno traction bren bno tracks brent. Is that the one to be looking at at this moment . It is the brent tracker and essentially, right now, wti is almost a meaningless number. So negative 30, positive 10, this kind of volatility is not indicative of supply and demand. It is purely a relationship, whats happening with physical storage in this one place, cushing, oklahoma. It is much too narrow to focus on for the average investor. Liz john, there are two oil names in the Dow Jones Industrials, chevron and exxonmobil. Two out of 30. Why is the dow down 600 points right now . On the phone theres been a tremendous amount of pressure on the dow. You see the components that are weighing it down. I think the overall mentality is that what we saw yesterday in oil was something that we never thought we would ever see in our lives. And we saw it happen and unfold yesterday and we continue to see this now the way oil is trading. My fear, my concern looking ahead just for right now is were not going to get back on the roads, back on cruise ships, back on airlines. That 25 , 30 of usage, global oil usage, we are not going to see that come back into the market for certainly not may, i dont think we will see it in june or july. So as these contracts get pushed out, we might see this movie played over again. But as for the markets right now, this uncertainty for oil, the uncertainty for the pricing and the crazy volatility that we have seen in it, i think thats just adding some tremendous negative sentiment to our overall markets. We continue to look at the broader scope of things. Earnings season really isnt playing a factor. Its not going to play a factor. Economic data is not going to play a factor in our markets. Its whats the hot headline, what is the next headline. We have been dealing with this oil crisis for the last two days of just this individual scenario. I think we are going to continue to see that and i think this is going to be our theme for the rest of the week. Liz john, pavel, thank you very much. We are watching the Dow Jones Industrials as well, down about 624 points. But look at the s p, down 86 at the moment. It is a tough day on wall street, with the closing bell ringing in 49 minutes. Labcorp is one of the few names that is able to be in the green, as its inhome covid19 test kit aimed at Health Care Workers gets emergency approval by the fda. It is up 1. 5 . You take it at home, you still need to send out the results to get them back. But in the meantime, complaints around the big banks playing favorites when granting Small Business rescue loans. Yeah, they approve money for their best clients while kicking some of the little guys to the back of the line. Could the answer for them lie in the hands of nonbank lenders . Next, meet the nonbank lender who is soothing main streets pain point by doing the complete opposite of what the big financials did. Hes next. If youre the spouse of a military veteran, heres money saving news from newday usa. 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We had heard it would be 310 billion, now we are seeing 320 billion. We are going to get you the facts as they come trickling in because we have the most amazing team on the ground, on capitol hill. Chad pergram heads it up for fox news. I promise you, the second we get it, you are going to get it. But as we watch the dow come up slightly off the lows, we are looking at big banks on wall street and they are all in the red by anywhere from 2. 5 for Jpmorgan Chase down to lets see, citigroup down 5. 25 . Some of these names are in the crosshairs for not lending enough to main street businesses before the First Tranche of money ran out. Among them as we look toward the nonbank lenders, they didnt do it that way. They took first come, first served. Among them is a Company Called ready capital, this is publicly traded. Last week it announced it had reached 2 billion in sba loan approvals without, okay, this is important, without granting priority to its existing customer base. Its usual clients. Ready capital chairman and ceo Thomas Capasse joins us now in a fox business exclusive. Good to see you, thomas. Look, the complaint is that the jpmorgans and bank of americas of the world gave preferential treatment to their bigger banking clients who sucked up more of the money, leaving the till dry for main street. How are you handling the applications you got . Well, as a leading nonbank sba lender, theres 14 of us, we were number two in terms of originations last year, we focused broadly, we dont have deposit relationships so we focus, we open our doors broadly to in particular the smaller mom and pop, the local deli, the pizzeria, the nail salon, so just in terms of the numbers, round one of the ppp, we approved 40,000 loans which is number one in the u. S. It was about 3 billion in total approvals. And our average balance was only 73,000 versus 230,000 for the average in round one. Liz okay. So little bit smaller but you began actually funding the money, different, okay, approved, great, wheres the money, you began funding the money april 13th. Is there anything that you did where you put any limitations on applications . Like some of the bigger banks did . We followed the guidance from sba as well as the treasury to the letter of the rule. We are very careful about know your customer, kyc, know all the requirements for the program. We do have, we are more efficient than maybe some of the banks because we have an affiliated fintech lender which is able to create online portals and processes to work in a more efficient manner and that enabled us to not only become process these loans more efficiently but also to provide broad access to the program, to the smaller Business Owners. Liz so writing loans, you were more efficient. I like that. How do you find the sba process and if you had the ear of congress right now, as they are about to maybe within the hour, less than an hour, grant more money into this and replenish it, what would you say needed to be changed, if anything . Well, nothing i think at the congressional level you could do to change it. The issue we all face, we are laser beam focused on getting the processing the loans we have approved to disburse the funds in a timely fashion to again, the smaller tier of Small Business owners, but i will say that the sba system, they processed in less than one month, they processed over a decade of loans and we are seeing basic errors like recognition of new zip codes are being rejected, the applicants are making errors including 1099 labor so i think its nothing that congress and congressional side of the table can do. Its just really more of the adaptation i think of a particular number of fintech lenders have been approved, i think the sba temporarily approved up to 4,000 lenders. Currently theres 1800 regular sba lenders, mostly banks, which dont have again, the system to adapt to these processes. We are all diligently working our way through so the issues in round one and i think we will be much better prepared in round two to deliver these loans to Small Businesses. Liz guess what . We just got breaking news that round two, there is a deal. We have Senate Majority leader Mitch Mcconnell saying they have decided upon 320 billion in the next tranche and you can bet that Thomas Capasse and his company will be starting to take those loans and at least start getting them to the mom and pops of the world over at ready capital. Thank you very much, thomas. By the way, so many Business Owners have a multitude of questions right now, aside from getting the loans. How do they survive . How do they weather the covid19 storm . Fox business giving you the chance to ask a billionaire very smart businessman, Dallas Mavericks owner mark cuban will be charles paynes guest for the entire hour on the next America Works together virtual town hall meeting. This is going to be thursday, right before the claman countdown, 2 00 p. M. Eastern. Send your video questions to investedinyou foxbusiness. Com. Well be right back. Open road and telling peoplete that Liberty Mutual customizes your insurance, so you only pay for what you need [squawks] only pay for what y